Senate Bill sb2018c1

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    Florida Senate - 2003                           CS for SB 2018

    By the Committee on Judiciary; and Senator Diaz de la Portilla





    308-2013-03

  1                      A bill to be entitled

  2         An act relating to sales disclosures; creating

  3         s. 475.423, F.S.; specifying the transactions

  4         that are subject to the requirements of the

  5         act; providing definitions; requiring that

  6         certain disclosures be made by the transferor

  7         or his or her agent with respect to real

  8         property located within a flood hazard area, an

  9         area with severe constraints for development,

10         an area having sinkhole activity, a wellhead

11         protection area, a priority wetland zone, a

12         habitat conservation area, an airport influence

13         area, an environmental site, or a radon gas

14         zone; providing that the waiver of such

15         requirements is against public policy;

16         providing certain exceptions; specifying the

17         form to be used as the Property Identification

18         Disclosure Statement; providing requirements

19         for identifying information that accompanies

20         the disclosure statement; prohibiting the use

21         of the disclosure statement by certain entities

22         other than the transferor, the transferor's

23         agents, and the transferee; providing

24         requirements for delivery of the required

25         disclosure statement; providing a limitation

26         with respect to liability for errors,

27         inaccuracy, or omissions; requiring a third

28         party that provides information with respect to

29         the disclosure statement to maintain a

30         specified amount of insurance protection;

31         providing that certain subsequent inaccuracies

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 1         with respect to the information disclosed are

 2         not a violation of the act; requiring that

 3         disclosures be made in good faith; providing

 4         that the act does not limit or abridge other

 5         disclosures required by law; authorizing the

 6         amendment of a disclosure; providing for

 7         delivery of disclosures; providing requirements

 8         for the licensee or broker acting as an agent

 9         in a transaction subject to the act; providing

10         an effective date.

11  

12  Be It Enacted by the Legislature of the State of Florida:

13  

14         Section 1.  Section 475.423, Florida Statutes, is

15  created to read:

16         475.423  Property identification disclosure

17  statement.--

18         (1)(a)  Except as provided in subsection (2), this

19  section applies to any transfer by sale, exchange, or

20  installment land sale contract of residential, undeveloped, or

21  commercial land, wherein one party agrees to convey title to

22  real property to another party upon the satisfaction of

23  specified conditions set forth in the contract and which does

24  not require conveyance of title within 1 year after the date

25  of formation of the contract, lease with an option to

26  purchase, any other option to purchase, ground lease coupled

27  with improvements of any real property described in paragraph

28  (c), or residential stock cooperative, improved with or

29  consisting of not less than one or more than four dwelling

30  units.

31  

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 1         (b)  The transferor or his or her agent is required by

 2  one or more of the following to disclose the property's

 3  location within an applicable zone:

 4         1.  A person who is either acting as an agent for a

 5  transferor of real property that is located within a special

 6  flood hazard area, which is any type Zone "A" or "V" as

 7  designated by the Federal Emergency Management Agency, or the

 8  transferor, if he or she is acting without an agent, shall

 9  disclose to any prospective transferee the fact that the

10  property is located within a special flood hazard area if:

11         a.  The transferor, or the transferor's agent, has

12  actual knowledge that the property is within a special flood

13  hazard area; or

14         b.  Other readily available and officially adopted

15  governmental information exists regarding the flood zone.

16         2.  A person who is acting as an agent for a transferor

17  of real property that is located on soils with very severe

18  constraints for development, or the transferor, if he or she

19  is acting without an agent, shall disclose to any prospective

20  transferee the fact that the property is located on soils with

21  very severe constraints for development pursuant to maps

22  issued by the United States Department of Agriculture or other

23  readily available and officially adopted governmental maps and

24  information if:

25         a.  The transferor, or the transferor's agent, has

26  actual knowledge that the property is on soils with very

27  severe constraints for development; or

28         b.  Other readily available and officially adopted

29  governmental information exists regarding the soils with very

30  severe constraints for development.

31  

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 1         3.  A person who is acting as an agent for a transferor

 2  of real property that is located in an area impacted by

 3  sinkhole activity, or the transferor if he or she is acting

 4  without an agent, shall disclose to any prospective transferee

 5  the fact that the property is located in an area impacted by

 6  sinkhole activity pursuant to readily available and officially

 7  adopted governmental maps and information if:

 8         a.  The transferor, or the transferor's agent, has

 9  actual knowledge that the property is in an area impacted by

10  sinkhole activity; or

11         b.  Other readily available and officially adopted

12  governmental information exists regarding sinkhole activity.

13         4.  A person who is acting as an agent for a transferor

14  of real property that is located within one quarter of a mile

15  of a wellhead protection area, or the transferor if he or she

16  is acting without an agent, shall disclose to any prospective

17  transferee the fact that the property is located within one

18  quarter of a mile of a wellhead protection area according to

19  maps issued by the Department of Environmental Protection or a

20  water management district or other readily available and

21  officially adopted governmental maps and information if:

22         a.  The transferor, or the transferor's agent, has

23  actual knowledge that the property is located within one

24  quarter of a mile of a wellhead protection area; or

25         b.  Other readily available and officially adopted

26  governmental information exists regarding a wellhead

27  protection area.

28         5.  A person who is acting as an agent for a transferor

29  of real property that is located in a priority wetland zone,

30  or the transferor if he or she is acting without an agent,

31  shall disclose to any prospective transferee the fact that the

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 1  property is located in a priority wetland zone pursuant to

 2  maps issued by the Fish and Wildlife Conservation Commission

 3  or other readily available and officially adopted governmental

 4  maps and information if:

 5         a.  The transferor, or the transferor's agent, has

 6  actual knowledge that the property is located in a priority

 7  wetland zone; or

 8         b.  Other readily available and officially adopted

 9  governmental information regarding a priority wetland zone.

10         6.  A person who is acting as an agent for a transferor

11  of real property that is located in a strategic habitat

12  conservation area, or the transferor if he or she is acting

13  without an agent, shall disclose to any prospective transferee

14  the fact that the property is located in a strategic habitat

15  conservation area pursuant to maps issued by the Fish and

16  Wildlife Conservation Commission or other readily available

17  and officially adopted governmental maps and information if:

18         a.  The transferor, or the transferor's agent, has

19  actual knowledge that the property is located in a strategic

20  habitat conservation area; or

21         b.  Other readily available and officially adopted

22  governmental information exists regarding a strategic habitat

23  conservation area.

24         7.  A person who is acting as an agent for a transferor

25  of real property that is located within 2 statute miles of an

26  airport influence area or a landing facility approved by the

27  Federal Aviation Administration, or the transferor if he or

28  she is acting without an agent, shall disclose to any

29  prospective transferee the fact that the property is located

30  within 2 statute miles of an airport influence area or a

31  landing facility approved by the Federal Aviation

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 1  Administration, the Department of Transportation, Division of

 2  Aeronautics, and local land use commission if:

 3         a.  The transferor, or the transferor's agent, has

 4  actual knowledge that the property is located within 2 statute

 5  miles of an airport influence area or a landing facility

 6  approved by the Federal Aviation Administration; or

 7         b.  Other readily available and officially adopted

 8  governmental information exists regarding an airport influence

 9  area or a landing facility approved by the Federal Aviation

10  Administration.

11         8.  A person who is acting as an agent for a transferor

12  of real property that is located within a quarter of a mile of

13  an environmental site, limited to filed governmental reports,

14  or the transferor if he or she is acting without an agent,

15  shall disclose to any prospective transferee the fact that the

16  property is located within a quarter of a mile of an

17  environmental site, including leaking underground storage

18  tanks, solid waste landfills, incinerators or transfer

19  stations, national priority list sites, or CERCLIS sites under

20  review by the United States Environmental Protection Agency

21  if:

22         a.  The transferor, or the transferor's agent, has

23  actual knowledge that the property is located within a quarter

24  of a mile of an environmental site; or

25         b.  Other readily available and officially adopted

26  governmental information exists regarding environmental

27  hazards sites.

28         9.  A person who is acting as an agent for a transferor

29  of real property that is located within a mapped radon gas

30  potential zone pursuant to maps issued by the United States

31  Environmental Protection Agency or other readily available and

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 1  officially adopted governmental maps and information shall

 2  disclose to any prospective transferee the fact that the

 3  property is located within a mapped radon gas potential zone

 4  if:

 5         a.  The transferor, or the transferor's agent, has

 6  actual knowledge that the property is located in a mapped

 7  radon gas potential zone; or

 8         b.  Other readily available and officially adopted

 9  governmental information exists regarding radon gas.

10         (c)  Any waiver of the requirements of this section is

11  void as against public policy.

12         (2)(a)  This section does not apply to the following

13  transfers:

14         1.  Transfers pursuant to court order, including, but

15  not limited to, transfers ordered by a probate court in

16  administration of an estate, transfers pursuant to a writ of

17  execution, transfers by any foreclosure sale, transfers by a

18  trustee in bankruptcy, transfers by eminent domain, and

19  transfers resulting from a decree for specific performance.

20         2.  Transfers to a mortgagee by a mortgagor or

21  successor in interest who is in default, transfers to a

22  beneficiary of a deed of trust by a trustor or successor in

23  interest who is in default, transfers by any foreclosure sale

24  after default, transfers by any foreclosure sale after default

25  in an obligation secured by a mortgage, transfers by a sale

26  under a power of sale or any foreclosure sale under a decree

27  of foreclosure after default in an obligation secured by a

28  deed of trust or secured by any other instrument containing a

29  power of sale, or transfers by a mortgagee or a beneficiary

30  under a deed of trust who has acquired the real property at a

31  sale conducted pursuant to a power of sale under a mortgage or

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 1  deed of trust or a sale pursuant to a decree of foreclosure or

 2  has acquired the real property by a deed in lieu of

 3  foreclosure.

 4         3.  Transfers by a fiduciary in the course of the

 5  administration of a decedent's estate, guardianship,

 6  conservatorship, or trust.

 7         4.  Transfers from one coowner to one or more other

 8  coowners.

 9         5.  Transfers made to a spouse, or to a person or

10  persons in the lineal line of consanguinity of one or more of

11  the transferors.

12         6.  Transfers between spouses resulting from a judgment

13  of dissolution of marriage or of legal separation of the

14  parties or from a property settlement agreement incidental to

15  that judgment.

16         7.  Transfers or exchanges to or from any governmental

17  entity.

18         8.  Transfers by sale, resale, exchange, or installment

19  land sales contract of any manufactured mobile home, mobile

20  home park, or residential manufactured building.

21         (b)  Transfers not subject to this section may be

22  subject to other disclosure requirements. In transfers that

23  are not subject to this section, agents may make required

24  disclosures in a separate writing.

25         (3)(a)  The disclosures required by this section are

26  set forth in, and shall be made on a copy of, the following

27  Property Identification Disclosure Statement:

28  

29  PROPERTY IDENTIFICATION DISCLOSURE STATEMENT

30  

31  

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 1  This statement applies to the following property:

 2  _____________________

 3  

 4  The transferor and his or her agent(s) disclose the following

 5  information with the knowledge that even though this is not a

 6  warranty, prospective transferees may rely on this information

 7  in deciding whether and on what terms to purchase the subject

 8  property.

 9  

10  Transferor hereby authorizes any agent(s) representing any

11  principal(s) in this action to provide a copy of this

12  statement to any person or entity in connection with any

13  actual or anticipated sale of the property.

14  

15  The following are representations made by the transferor and

16  his or her agent(s) based on their knowledge and official maps

17  and information prepared by the state and federal governments.

18  This information is a disclosure and is not intended to be

19  part of any contract between the transferee and transferor.

20  

21  THIS REAL PROPERTY LIES WITHIN THE FOLLOWING AREA(S):

22  

23         (1)  A SPECIAL FLOOD HAZARD AREA (Any type Zone "A" or

24  "V") designated by the Federal Emergency Management Agency.

25  Yes _____   No _____   Do not know and information not

26  available ____   Pending _____

27  

28         (2)  ON SOILS WITH VERY SEVERE CONSTRAINTS FOR

29  DEVELOPMENT, pursuant to maps issued by the United States

30  Department of Agriculture or other readily available and

31  officially adopted governmental maps and information.

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 1  Yes _____   No _____   Do not know and information not

 2  available _____   Pending _____

 3         (3)  AN AREA IMPACTED BY SINKHOLE ACTIVITY pursuant to

 4  readily available and officially adopted governmental maps and

 5  information.

 6  Yes _____   No _____   Do not know and information not

 7  available _____   Pending _____

 8  

 9         (4)  WITHIN ONE QUARTER OF A MILE OF A WELLHEAD

10  PROTECTION AREA pursuant to maps issued by the Department of

11  Environmental Protection and Water Management Districts or

12  other readily available and officially adopted governmental

13  maps and information.

14  Yes _____  No _____ Do not know and information not

15  available _____ Pending _____

16  

17         (5)  A PRIORITY WETLAND ZONE pursuant to maps issued by

18  the Fish and Wildlife Conservation Commission or other readily

19  available and officially adopted governmental maps and

20  information.

21  Yes _____   No _____   Do not know and information not

22  available _____   Pending _____

23  

24         (6)  A STRATEGIC HABITAT CONSERVATION AREA pursuant to

25  maps issued by the Fish and Wildlife Conservation Commission

26  or other readily available and officially adopted governmental

27  maps and information.

28  Yes _____   No _____   Do not know and information not

29  available _____   Pending _____

30  

31  

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 1         (7)  WITHIN A QUARTER MILE OF AN AIRPORT INFLUENCE AREA

 2  approved by the Federal Aviation Administration, or other

 3  readily available and officially adopted governmental maps and

 4  information.

 5  Yes _____   No _____   Do not know and information not

 6  available _____   Pending _____

 7  

 8         (8)  WITHIN A QUARTER OF A MILE OF AN ENVIRONMENTAL

 9  HAZARD SITE including Leaking Underground Storage Tanks, Solid

10  Waste Landfills, Incinerators or Transfer Stations, National

11  Priority List Sites, and/or CERCLIS Sites under review by the

12  United States Environmental Protection Agency.

13  Yes _____   No _____   Do not know and information not

14  available _____   Pending _____

15  

16         (9)  WITHIN A MAPPED RADON GAS POTENTIAL ZONE pursuant

17  to maps issued by the United States Environmental Protection

18  Agency or other readily available and officially adopted

19  governmental maps and information.

20  Yes _____   No _____   Do not know and information not

21  available _____   Pending _____

22  

23  THESE ZONES MAY LIMIT YOUR ABILITY TO DEVELOP THE REAL

24  PROPERTY, TO OBTAIN INSURANCE, OR TO RECEIVE ASSISTANCE AFTER

25  A DISASTER.

26  

27  THE MAPS AND INFORMATION ON WHICH THESE DISCLOSURES ARE BASED

28  ARE ESTIMATES WHERE THE APPLICABLE ZONES AND PROTECTED LANDS

29  EXIST. THEY ARE NOT DEFINITIVE INDICATORS OF WHETHER OR NOT A

30  PROPERTY WILL BE AFFECTED BY A NATURAL OR ENVIRONMENTAL

31  DISASTER. TRANSFEREE(S) AND TRANSFEROR(S) MAY WISH TO OBTAIN

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 1  PROFESSIONAL ADVICE REGARDING THESE AND OTHER HAZARDS AND

 2  PROTECTION ZONES THAT MAY AFFECT THE PROPERTY.

 3  

 4  Transferor represents that the information herein is true and

 5  correct to the best of the transferor's knowledge as of the

 6  date signed by the transferor.

 7  

 8  Signature of Transferor __________________   Date ____________

 9  

10  Signature of Transferor __________________   Date ____________

11  

12  Agent represents that the information herein is true and

13  correct to the best of the agent's knowledge as of the date

14  signed by the agent.

15  

16  Signature of Transferor's Agent ___________________

17  Date __________

18  

19  Signature of Transferor's Agent ___________________

20  Date __________

21  

22  Transferee represents that he or she has read and understands

23  this document.

24  

25  Signature of Transferee ________________   Date ___________

26  

27  Signature of Transferee ________________   Date ___________

28         (b)  If a map or accompanying information is not of

29  sufficient accuracy or scale that a reasonable person can

30  determine if the subject real property is included in an

31  applicable area, the transferor or transferor's agent shall

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 1  mark "Yes" on the Property Identification Disclosure

 2  Statement. The transferor or transferor's agent may mark "No"

 3  on the Property Identification Disclosure Statement if he or

 4  she attaches a report prepared pursuant to paragraph (5)(c)

 5  which verifies that the property is not in the applicable

 6  zone. This paragraph does not limit or abridge any existing

 7  duty of the transferor or the transferor's agents to exercise

 8  reasonable care in making a determination under this

 9  subsection.

10         (c)  If the Federal Emergency Management Agency has

11  issued a Letter of Map Revision confirming that a property is

12  no longer within a special flood hazard area, the transferor

13  or transferor's agent may mark "No" on the Property

14  Identification Disclosure Statement, even if the map has not

15  yet been updated.

16         (d)  If the Federal Emergency Management Agency has

17  issued a Letter of Map Revision confirming that a property is

18  within a special flood hazard area and the location of the

19  letter has been posted then the transferor or transferor's

20  agent shall mark "Yes" on the Property Identification

21  Disclosure Statement, even if the map has not yet been

22  updated.

23         (f)  The disclosure required by this section is a

24  disclosure only between the transferor, the transferor's

25  agents, and the transferee, and may not be used by any other

26  party, including, but not limited to, insurance companies,

27  lenders, or governmental agencies, for any purpose.

28         (g)  In any transaction in which a transferor has

29  accepted, prior to the effective date of this section, an

30  offer to purchase, the transferor, or his or her agent, shall

31  be deemed to have complied with the requirement of paragraph

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 1  (a) if the transferor or agent delivers to the prospective

 2  transferee a statement that includes substantially the same

 3  information and warning as the Property Identification

 4  Disclosure Statement.

 5         (4)(a)  The transferor of any real property subject to

 6  this section shall deliver to the prospective transferee the

 7  written statement required by this section, as follows:

 8         1.  In the case of a sale, as soon as practicable

 9  before transfer of title.

10         2.  In the case of transfer by a real property sales

11  contract or by a lease together with an option to purchase, or

12  a ground lease coupled with improvements, as soon as

13  practicable before execution of the contract. For the purpose

14  of this subparagraph, "execution" means the making or

15  acceptance of an offer.

16         (b)  The transferor shall indicate compliance with this

17  section either on the receipt for deposit, the real property

18  sales contract, the lease, any addendum attached thereto, or

19  on a separate document.

20         (c)  If any disclosure, or any material amendment of

21  any disclosure, required to be made pursuant to this section

22  is delivered after the execution of an offer to purchase, the

23  transferee shall have 3 days after delivery in person or 5

24  days after delivery by deposit in the mail to terminate his or

25  her offer by delivery of a written notice of termination to

26  the transferor or the transferor's agent.

27         (5)(a)  Neither the transferor nor any listing or

28  selling agent shall be liable for any error, inaccuracy, or

29  omission of any information delivered pursuant to this section

30  if the error, inaccuracy, or omission was not within the

31  personal knowledge of the transferor or the listing or selling

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 1  agent, and was based on information timely provided by public

 2  agencies or by other persons providing information as

 3  specified in paragraph (c) which is required to be disclosed

 4  pursuant to this section, and ordinary care was exercised in

 5  obtaining and transmitting the information.

 6         (b)  The delivery of any information required to be

 7  disclosed by this section to a prospective transferee by a

 8  third party providing information required to be disclosed

 9  pursuant to this section shall be deemed to comply with the

10  requirements of this section and shall relieve the transferor

11  or any listing or selling agent of any further duty under this

12  section with respect to that item of information.

13         (c)  The delivery of a report or opinion prepared by a

14  licensed engineer, land surveyor, or expert in locating the

15  applicable zones on readily available official governmental

16  maps and information concerning matters within the scope of

17  the professional's license or expertise is sufficient

18  compliance for application of the exemption provided by

19  paragraph (a) if the information is provided to the

20  prospective transferee pursuant to a request therefore,

21  whether written or oral. In responding to that request, an

22  expert may indicate, in writing, an understanding that the

23  information provided will be used in fulfilling the

24  requirements of subsection (3) and, if so, shall indicate the

25  required disclosures, or parts thereof, to which the

26  information being furnished is applicable. If that statement

27  is furnished, the expert is not responsible for any items of

28  information, or parts thereof, other than those expressly set

29  forth in the statement.

30         (d)  A third party providing the information on behalf

31  of the transferor and the transferor's agent fulfilling the

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 1  requirements of subsection (3) to be disclosed by this section

 2  shall maintain a minimum of $20 million of insurance

 3  protection to protect the transferor and the agents for any

 4  errors or omissions made by the third party.

 5         (6)(a)  After a transferor and his or her agent comply

 6  with subsection (3), they are relieved of further duty under

 7  this section with respect to those items of information. The

 8  transferor and his or her agent are not required to provide

 9  notice to the transferee if the information provided

10  subsequently becomes inaccurate as a result of any

11  governmental action, map revision, changed information, or

12  other act or occurrence, unless the transferor or agent has

13  actual knowledge that the information has become inaccurate.

14         (b)  If information disclosed in accordance with this

15  section is subsequently rendered inaccurate as a result of any

16  governmental action, map revision, changed information, or

17  other act or occurrence subsequent to the delivery of the

18  required disclosures, the inaccuracy resulting therefrom does

19  not constitute a violation of this section.

20         (7)  Each disclosure required by this section and each

21  act that may be performed in making the disclosure shall be

22  made in good faith. For purposes of this section, "good faith"

23  means honesty in fact in the conduct of the transaction.

24         (8)  The specification of items for disclosure in this

25  section does not limit or abridge any obligation for

26  disclosure created by any other provision of law or that may

27  exist in order to avoid fraud, misrepresentation, or deceit in

28  the transfer transaction. The Legislature does not intend to

29  affect the existing obligations of the parties to a real

30  estate contract, or their agents, or to disclose any fact

31  materially affecting the value and desirability of the

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 1  property, including, but not limited to, the physical

 2  condition of the property and previously received reports of

 3  physical inspection.

 4         (9)  Any disclosure made pursuant to this section may

 5  be amended in writing by the transferor or his or her agent,

 6  but the amendment shall be subject to subsection (4).

 7         (10)  Delivery of disclosures required by this section

 8  shall be by personal delivery to the transferee or by mail to

 9  the prospective transferee. For the purposes of this section,

10  delivery to the spouse of a transferee shall be deemed

11  delivery to the transferee, unless provided otherwise by

12  contract.

13         (11)  Any person or entity, other than a real estate

14  licensee licensed in this state and acting in the capacity of

15  an escrow agent for the transfer of real property subject to

16  this section, shall not be deemed the agent of the transferor

17  or transferee for purposes of the disclosure requirements of

18  this section unless the person or entity is empowered to so

19  act by an express written agreement to that effect. The extent

20  of that agency shall be governed by the written agreement.

21         (12)(a)  If more than one licensed real estate broker

22  is acting as an agent in a transaction subject to this

23  section, the broker who has obtained the offer made by the

24  transferee shall, except as otherwise provided in this

25  section, deliver the disclosure required by this section to

26  the transferee, unless the transferor has given other written

27  instructions for delivery.

28         (b)  If a licensed real estate broker responsible for

29  delivering the disclosure under this section cannot obtain the

30  disclosure document required and does not have written

31  assurance from the transferee that the disclosure has been

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 1  received, the broker shall advise the transferee in writing of

 2  his or her rights to the disclosure. A licensed real estate

 3  broker responsible for delivering disclosures under this

 4  section shall maintain a record of the action taken to effect

 5  compliance of the transaction.

 6         (13)  A transfer subject to this section may not be

 7  invalidated solely because of the failure of any person to

 8  comply with any provision of this section. However, any person

 9  who willfully or negligently violates or fails to perform any

10  duty prescribed by any provision of this section shall be

11  liable in the amount of actual damages suffered by a

12  transferee.

13         (14)(a)  As used in this section, the term "listing

14  agent" means an individual who has obtained a listing of

15  property of the kind in respect of which he or she is

16  authorized by law to act as an agent for compensation.

17         (b)  As used in this section, the term "selling agent"

18  means an individual who acts in cooperation with a listing

19  agent and who sells, or finds and obtains a buyer for, the

20  property.

21         Section 2.  This act shall take effect July 1, 2003.

22  

23          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
24                         Senate Bill 2018

25                                 

26  Requires that a transferor or his or her agent make certain
    disclosures with respect to the sale or transfer of real
27  property. Requires that property located within a flood hazard
    area, an area with severe constraints for development, an area
28  having sinkhole activity, a wellhead protection area, a
    priority wetland zone, a habitat conservation area, an airport
29  influence area, an enviromental site, or a radon gas zone be
    identified by use of a Property Identification Disclosure
30  Statement. Provides requirements for the form. Requires that
    third parties providing information for purposes of such
31  disclosures maintain a minimum of $20 million in insurance
    protection. (See bill for details)
                                  18

CODING: Words stricken are deletions; words underlined are additions.